Interim report
Page 1
o ORION GROUP INTERIM REPORT 1–9/2026 | 1/26 ORION GROUP Interim Report January–September 2026
Page 2
July–September 2026 Highlights • Net sales totalled EUR 542.2 (July–September 2025: 423.2) million • Operating profit was EUR 209.9 (121.0) million • Basic earnings per share were EUR 1.19 (0.68) • Cash flow from operating activities per share was EUR 0.68 (0.55) • Phase 1 initiated with ODM-216, Orion's first biologic clinical development asset • Interim results from the DASL-HiCaP Phase 3 trial were announced at the ESMO 2026 congress • Changes in the Orion Executive Team as of 1 January 2027 January–September 2026 Highlights • Net sales totalled EUR 1,481.5 (January–September 2025: 1,194.2) million • Operating profit was EUR 501.2 (303.5) million • Basic earnings per share were EUR 2.83 (1.71) • Cash flow from operating activities per share was EUR 2.89 (1.67) • The outlook for 2026 was upgraded after the review period in October: Net sales are estimated to be EUR 2,070 million to EUR 2,140 million. Operating profit is estimated to be EUR 730 million to EUR 790 million. Key figures 7–9/26 7–9/25 Change % 1–9/26 1–9/25 Change % 1–12/25 Net sales, EUR million 542.2 423.2 +28.1% 1,481.5 1,194.2 +24.1% 1,889.5 EBITDA, EUR million 225.5 135.1 +66.8% 547.8 345.3 +58.6% 688.3 % of net sales 41.6% 31.9% 37.0% 28.9% 36.4% Operating profit, EUR million 209.9 121.0 +73.5% 501.2 303.5 +65.2% 631.6 % of net sales 38.7% 28.6% 33.8% 25.4% 33.4% Profit before taxes, EUR million 210.2 120.4 +74.5% 499.4 300.7 +66.1% 627.8 % of net sales 38.8% 28.5% 33.7% 25.2% 33.2% Profit for the period, EUR million 167.6 96.0 +74.5% 398.2 239.8 +66.0% 500.3 % of net sales 30.9% 22.7% 26.9% 20.1% 26.5% Research and development expenses, EUR million 57.8 49.8 +16.1% 168.2 139.8 +20.3% 210.4 % of net sales 10.7% 11.8% 11.4% 11.7% 11.1% Capital expenditure excluding acquired in business combination, EUR million 37.6 30.1 +24.9% 78.1 84.6 -7.7% 112.9 % of net sales 6.9% 7.1% 5.3% 7.1% 6.0% Acquired in business combination, net of cash, EUR million 4.0 4.0 Interest-bearing net liabilities, EUR million -18.8 87.1 < -100% 144.4 Basic earnings per share, EUR 1.19 0.68 +74.4% 2.83 1.71 +65.9% 3.56 Cash flow from operating activities per share, EUR 0.68 0.55 +22.7% 2.89 1.67 +73.4% 2.25 Equity ratio, % 68.9% 58.5% 64.1% Gearing, % -1.3% 8.5% 11.2% Return on capital employed (before taxes), % 43.3% 31.0% 43.8% Return on equity (after taxes), % 39.6% 31.6% 43.7% Average number of personnel during the period 4,174 3,989 +4.6% 4,003 ORION GROUP INTERIM REPORT 1–9/2026 | 2/26
Page 3
President and CEO Liisa Hurme: Strong financial performance and positive developments in the R&D pipeline "We delivered a strong third quarter, with revenue growth driven by the Innovative Medicines and Branded Products business divisions. Profitability improved mostly due to an increase in royalty income. We achieved important milestones in our long-term growth strategy, with expansion of our clinical pipeline and continued strengthening of our licensing portfolio. Nubeqa® maintained its strong growth trajectory and was the main driver of the increase in net sales. Performance was also supported by the Easyhaler® product portfolio and the Women’s Health portfolio, where sales benefited from strong demand. In the CNS therapy area, the growth mainly came from other products than entacapone. During the quarter, we advanced our pipeline by initiating a Phase 1 clinical trial with our first large molecule asset. Advancing the bispecific antibody ODM-216 into clinical development is a significant milestone for Orion and demonstrates the breadth of our R&D capabilities. Our sustained investment in early-stage research is translating into one of the broadest clinical pipelines in Orion's history. We are excited about this progress and expect to advance further assets into clinical development in the coming months. After the review period, interim results from the DASL-HiCaP Phase 3 trial were announced at the ESMO 2026 congress. These interim results indicate that darolutamide could be a potential treatment option in earlier prostate cancer disease setting. We have signed two important Europe-wide licensing agreements during the year, most recently in early October. The biosimilars covered by these agreements are still under development, but they have the potential to support the future growth of our business in the 2030s. After the review period, we announced adjustments to the composition and responsibilities of the Orion Executive Team. The renewed structure brings our organisation more closely in line with our strategic priorities. We will be better focused on innovative medicines and branded products, stronger in commercial execution in our current markets, and building the capabilities needed to drive future growth. Due to the strong growth of Nubeqa® royalties, we have upgraded our financial outlook for 2026. I would like to thank all our employees for their excellent work and contribution during the quarter. We have positive momentum going into the final quarter of the year, and I look forward to continuing this work together.” ORION GROUP INTERIM REPORT 1–9/2026 | 3/26
Page 4
Financial results in July–September 2026 Net sales Orion Group’s net sales increased by 28.1% and totalled EUR 542.2 (423.2) million, of which milestones were EUR 0.5 (0.5) million. Innovative Medicines served as the main growth driver, while net sales both in the Branded Products division and Fermion also grew strongly. Exchange rate fluctuations had a EUR 0.8 million positive impact on net sales. Development of net sales 7–9/2026 vs. 7–9/2025 423.2 112.5 7.4 -4.6 -0.1 4.3 -0.5 542.2 1 2 3 4 5 6 7 8 1 Net sales in 7–9/2025 5 Animal Health 2 Innovative Medicines 6 Fermion 3 Branded Products 7 Translation differences and Other operations 4 Generics and Consumer Health 8 Net sales in 7–9/2026 The figures in the chart are rounded, which is why the total sums of individual figures may differ from the total sums. Chart not to scale. Profit Orion Group’s operating profit increased by 73.5% and totalled EUR 209.9 (121.0) million. The increase was due to growth in sales and royalties. Gross profit from sales in local currencies increased by EUR 4.9 million from the comparative period due to increase in sales volume. Price, cost of goods sold, product portfolio changes, and exchange rates had a negative impact of EUR 2.6 million on gross profit. Milestone payments decreased from the comparative period by EUR 0.1 million and totalled EUR 0.5 (0.5) million. Royalties increased by EUR 103.8 million and totalled EUR 223.1 (119.3) million. Other operating income and expenses were EUR 1.1 (1.2) million. Operating expenses increased by EUR 22.3 million due to, among other things, the progress of research and development projects, and royalties paid to Endo from Orion's Nubeqa® income. Administrative expenses were at a normal level, but higher than in the comparison period, when expenses were unusually low. Profit for the period totalled EUR 167.6 (96.0) million. Basic earnings per share were EUR 1.19 (0.68). Development of operating profit 7–9/2026 vs. 7–9/2025 121.0 4.9 2.6 103.8 -0.1 -0.1 -22.3 209.9 1 2 3 4 5 6 7 8 1 Operating profit in 7–9/2025 5 Milestones 2 Change in sales volume 6 Other operating income and expenses 3 Changes in prices, COGS, product mix and exchange rates 7 Fixed costs 4 Royalties 8 Operating profit in 7–9/2026 The figures in the chart are rounded, which is why the total sums of individual figures may differ from the total sums. ORION GROUP INTERIM REPORT 1–9/2026 | 4/26
Page 5
Financial results in January–September 2026 Net sales Orion Group’s net sales in January–September 2026 increased by 24.1% and totalled EUR 1,481.5 (1,194.2) million, of which milestones were EUR 1.4 (2.1) million. Innovative Medicines led the growth, supported by the strong performance of Branded Products and Fermion. Exchange rate fluctuations had a EUR 12.4 million negative impact on net sales. Profit Orion Group’s operating profit increased by 65.2% and totalled EUR 501.2 (303.5) million. The increase was due to growth in sales and royalties. Other operating income and expenses accounted for EUR -0.2 (4.6) million of operating profit. Other operating expenses include expenses of EUR 3.3 million related to the liquidation of the Russian subsidiary. Operating expenses increased by EUR 52.6 million. The increase was mainly due to planned increases in research and development costs, as well as sales and marketing expenses. Operating expenses were increased by, among other things, the progress of research and development projects, and royalties paid to Endo from Nubeqa®. Profit for the period totalled EUR 398.2 (239.8) million. Basic earnings per share were EUR 2.83 (1.71). Financial position and cash flow in January–September 2026 Cash flow from operating activities increased by 73.6% and was at EUR 407.1 (234.5) million. The increase was driven by higher operating profit as well as the EUR 180 million Nubeqa® milestone payment that was recognised in P&L in Q4 2025, with the related cash flow impact materialising in the second quarter of 2026. The cash flow for the comparative period was strengthened by the EUR 70 million Nubeqa® milestone payment recognised in income statement in 2024. Working capital decreased by EUR 38.7 million due to receipt of 180 million milestone payment while accrued royalties and inventories increased. Cash flow from investing activities was EUR -74.5 (-76.7) million. Cash flow from financing activities was EUR -349.3 (-139.8) million. The difference to the comparative period is mainly due to the repayment of loans totalling EUR 161.0 million during the reporting period, and acquisition of own shares in September 2026. The cash flow impact of the share buyback programme during the reporting period was EUR -37.3 million. The payment of the first part of the annual dividend is reflected in the financing cash flow for both the review period (EUR -127.1 million) and the comparison period (EUR -115.5 million). Group’s total liabilities as at 30 September 2026 were EUR 635.5 (728.8) million. Interest-bearing liabilities amounted to EUR 125.5 (311.3) million. Of the total interest-bearing liabilities, EUR 96.6 (129.6) million were long-term liabilities. The Group had EUR 144.3 (224.2) million in cash and cash equivalents at the end of the reporting period. Group’s gearing was -1.3% (8.5%) and the equity ratio 68.9% (58.5%). Equity per share was EUR 9.96 (7.24). Capital expenditure in January– September 2026 Capital expenditure excluding acquisitions totalled EUR 78.1 (84.6) million. This comprised EUR 61.9 (65.7) million on property, plant and equipment and EUR 16.2 (18.9) million on intangible assets. Personnel The average number of employees in the Orion Group in January–September 2026 was 4,174 (3,989). Salaries and other personnel expenses in January–September 2026 totalled EUR 251.8 (244.4) million. ORION GROUP INTERIM REPORT 1–9/2026 | 5/26
Page 6
Business review Orion’s operations and sales network Orion is headquartered in Espoo, Finland. The company has a total of eight production sites, six in Finland, one in France and one in Belgium. The company has two research centres in Finland, one in Cambridge, UK, and one in Boston, US. In addition, Orion’s Animal Health division has small R&D operations in France and Belgium. Orion also has back-office operations in India and China. Orion’s products are sold globally in over one hundred countries through Orion’s own sales network and by partners. Orion has its own sales network in Europe and six countries in the Asia- Pacific region. Elsewhere in the world, Orion’s human pharmaceuticals are sold mainly by the company’s partners. Orion is engaged in the sale of veterinary drugs through its own sales network in the Nordic countries, Belgium, France, some Eastern European countries and Vietnam. Elsewhere, these products are sold by partners. The company is also engaged in the sale of Fermion and contract manufacturing products and services globally. In addition, Orion markets and sells drugs and products manufactured by several other companies. Net sales split by business division EUR million 7–9/26 7–9/25 Change % 1–9/26 1–9/25 Change % 1–12/25 Innovative Medicines 283.6 171.1 +65.7% 675.6 415.6 +62.5% 812.7 Branded Products 76.2 68.7 +10.8% 249.1 226.1 +10.1% 314.6 Generics and Consumer Health 131.3 135.9 -3.4% 398.7 402.5 -1.0% 552.8 Animal Health 33.4 33.5 -0.3% 103.6 105.5 -1.8% 140.9 Fermion 17.8 13.5 +31.6% 54.6 44.9 +21.5% 68.7 Translation differences and Other operations 0.0 0.5 < -100% 0.0 -0.4 -100.0% -0.3 Total 542.2 423.2 +28.1% 1,481.5 1,194.2 +24.1% 1,889.5 Top ten best-selling pharmaceutical products EUR million 1 7–9/26 7–9/25 Change % 1–9/26 1–9/25 Change % 1–12/25 Nubeqa® (prostate cancer) A 279.9 165.6 +69.0 % 661.7 397.2 +66.6 % 609.8 Easyhaler® product portfolio (asthma, COPD) B 43.0 40.8 +5.4 % 138.3 129.7 +6.6 % 177.4 Entacapone products2 (Parkinson’s disease) B 18.4 18.2 +1.1 % 62.8 64.5 -2.6 % 90.5 Divina® series (menopausal symptoms) B 9.9 6.8 +45.3 % 32.1 21.8 +46.9 % 31.6 Dexdomitor®, Domitor®, Domosedan® and Antisedan® (animal sedatives) D 5.3 6.2 -14.3 % 22.2 25.4 -12.6 % 31.3 Burana® (inflammatory pain) C 5.9 6.0 -1.6 % 16.7 17.5 -4.6 % 24.0 Trexan® (rheumatoid arthritis, cancer) C 3.4 3.9 -13.6 % 12.7 12.3 +3.5 % 17.9 Quetiapine products (antipsychotic) C 3.8 3.6 +5.4 % 10.7 9.9 +8.1 % 14.2 Simdax® (acute decompensated heart failure) C 3.2 3.5 -10.5 % 9.1 12.2 -25.8% 16.6 Fareston® (breast cancer) C 2.2 1.5 +42.5 % 8.9 7.5 +19.0 % 13.9 Total 375.0 256.2 +46.3 % 975.1 698.0 +39.7 % 1,027.1 Share of net sales, % 69.2% 60.5% 65.8% 58.4% 54.4% 1 Business division, A = Innovative Medicines, B = Branded Products, C = Generics and Consumer Health, D = Animal Health 2 Entacapone products include Stalevo®, Comtess®, Comtan® and all other products including entacapone. ORION GROUP INTERIM REPORT 1–9/2026 | 6/26
Page 7
Innovative Medicines Net sales split EUR million 7–9/26 7–9/25 Change % 1–9/26 1–9/25 Change % 1–12/25 Nubeqa® 279.9 165.6 +69.0% 661.7 397.2 +66.6% 609.8 of which royalties 222.3 118.2 +88.1% 489.7 267.5 +83.1% 432.5 of which product sales 57.6 47.5 +21.4% 172.0 129.7 +32.6% 177.3 Other1 3.7 5.5 -32.8% 13.9 18.4 -24.7% 202.9 Total 283.6 171.1 +65.7% 675.6 415.6 +62.5% 812.7 1Other includes milestone payments or other revenue, such as product sales for R&D use, related to the products or research and development projects of the business division. July–September 2026 Net sales of the Innovative Medicines business division in July–September 2026 increased by 65.7% due to strong growth of Nubeqa® royalties and product sales. The strong growth in royalty income was partly driven by the highest royalty tier applying throughout the review period, while in the comparison period it was reached only during the quarter. To support Nubeqa's growth, Orion has decided to expand darolutamide production capacity by utilizing contract manufacturers. Going forward, a portion of darolutamide, the active pharmaceutical ingredient in Nubeqa®, will be manufactured at European contract manufacturer's production facility in Europe. In addition, Orion has entered into an agreement with a U.S.-based contract manufacturer for the production of darolutamide. January–September 2026 Net sales of the Innovative Medicines business division in January–September 2026 increased by 62.5% due to strong growth of Nubeqa® and product sales. Branded Products Net sales split by therapy area EUR million 7–9/26 7–9/25 Change % 1–9/26 1–9/25 Change % 1–12/25 Respiratory 44.3 42.1 +5.2% 143.3 132.9 +7.8% 182.8 CNS 21.9 19.8 +10.6% 73.6 71.4 +3.2% 100.2 Women's Health 9.9 6.8 +45.5% 32.1 21.8 +47.0% 31.6 Total 76.2 68.7 +10.8% 249.1 226.1 +10.1% 314.6 July–September 2026 Net sales of the Branded Products business division in July–September 2026 increased by 10.8%. The Women’s Health therapy area showed the strongest growth, driven by the Divina® product range, which benefited from robust growth in the women’s hormone replacement therapy market and the good availability of Orion's products. The good momentum continued also in Respiratory therapy area. The Easyhaler® product portfolio continued its growth driven by the sales of budesonide-formoterol combined formulation which increased by 8.5% to EUR 33.4 (30.8) million. In the CNS therapy area the sales of the entacapone products were flat year-on- year, and other products were driving the growth. January–September 2026 Net sales of the Branded Products business division in January–September 2026 increased by 10.1%. The growth came from Respiratory and Women's Health therapy areas. The Easyhaler® product portfolio continued its growth driven by the sales of budesonide-formoterol combined formulation which increased by 11.1% to EUR 106.3 (95.7) million. The rest of the Easyhaler product portfolio decreased slightly due to recent changes in treatment guidelines that favour the use of combination products over products which only have one active ingredient. The Women's Health therapy area benefited from strong growth in the women's hormone replacement therapy market and the good availability of Orion's products. In the CNS therapy area the sales of the entacapone products were slightly declining, and other products were driving the growth. ORION GROUP INTERIM REPORT 1–9/2026 | 7/26
Page 8
Generics and Consumer Health Net sales split by product groups EUR million 7–9/26 7–9/25 Change % 1–9/26 1–9/25 Change % 1–12/25 Generic prescription drugs 97.3 102.0 -4.6% 298.4 304.2 -1.9% 420.0 Consumer Health products 34.0 33.9 +0.3% 100.2 98.3 +2.0% 132.8 Total 131.3 135.9 -3.4% 398.7 402.5 -1.0% 552.8 Net sales split by region EUR million 7–9/26 7–9/25 Change % 1–9/26 1–9/25 Change % 1–12/25 Finland and Baltics 82.5 83.8 -1.5% 240.9 245.1 -1.7% 334.6 Scandinavia 22.5 24.0 -6.6% 72.6 72.2 +0.5% 97.4 Eastern Europe 12.2 13.0 -6.3% 38.3 38.3 -0.2% 52.1 Rest of the world 14.0 15.0 -6.4% 46.9 46.9 +0.1% 68.8 Total 131.3 135.9 -3.4% 398.7 402.5 -1.0% 552.8 July–September 2026 Net sales of the Generics and Consumer Health business division in July–September 2026 decreased by 3.4% compared to the strong comparison period. Generic prescription drug sales decreased slightly, while sales of consumer health products were flat year-on-year. The decline in generic prescription drug revenue was driven by numerous small decreases across several products and markets, with no single product or market representing a material driver of the change. After the reporting period in October, Orion and Qilu Pharma Europe (“Qilu”) entered into an agreement to commercialise intravenous (IV) pembrolizumab biosimilar in Europe. Pembrolizumab is an immune checkpoint inhibitor which is used to treat various cancers. Qilu is currently developing IV pembrolizumab. Under the terms of the agreement, Orion will gain exclusive right to distribute, market and sell Qilu’s IV pembrolizumab biosimilar in Europe. Qilu will supply the product to Orion, and is entitled to receive a share of profits from Orion as well as certain development, regulatory and sales milestone payments. Launch of the product is expected to happen in the early 2030s. January–September 2026 Net sales of the Generics and Consumer Health business division in January–September 2026 decreased by 1.0%. Generic prescription drug sales declined slightly, while sales of consumer health products increased slightly. In June, Orion and Shilpa Biologicals Private Limited, a fully-owned subsidiary of Shilpa Medicare Limited, entered into an agreement to commercialise intravenous (iv) nivolumab biosimilar in Europe. Nivolumab is an immune checkpoint inhibitor which is used to treat various cancers. Shilpa’s nivolumab biosimilar is currently under development by the company. Animal Health July–September 2026 Net sales of the Animal Health business division in July–September 2026 decreased by 0.3% from the comparative period. January–September 2026 Net sales of the Animal Health business division in January–September 2026 decreased by 1.8%. In May, Tessie® (tasipimidine oral solution) received approval from the U.S. Food and Drug Administration (FDA). Fermion July–September 2026 Net sales (external sales) of Fermion consists of sales of generic APIs (active pharmaceutical ingredients), contract development and manufacturing of APIs and contract manufacturing of pharmaceutical products. In July–September 2026 Fermion's net sales increased by 31.6%. The growth is explained by increase in sales of contract development and manufacturing of APIs, and contract manufacturing of pharmaceutical products. In July, a water damage incident occurred in one of the units at Fermion’s Hanko plant. The repair work initiated immediately after the incident at the affected unit has been completed, and the facility entered the planned production ramp- up phase in October. Based on the current assessment, the incident is will have a negative impact on Fermion's external sales in Q4 but it is not expected to disrupt the continuity of supply of key products. January–September 2026 Net sales (external sales) of Fermion in January–September 2026 increased by 21.5%. The growth is mainly explained by increase in sales of contract development and manufacturing of APIs and contract manufacturing of pharmaceutical products. ORION GROUP INTERIM REPORT 1–9/2026 | 8/26
Page 9
Key licensing and collaboration agreements regarding assets in the clinical development or commercialisation phase Orion has an agreement with Bayer for the development and commercialisation of darolutamide (Nubeqa®). Bayer holds global commercial rights to darolutamide, and Orion is entitled to receive annually tiered royalties on global darolutamide sales. The average annual royalty rate from in-market sales is currently around 25% including product sales to Bayer. As in-market sales increase, the average annual royalty level also increases. Orion manufactures the product for global markets, i.e. carries the cost of goods sold, and co-promotes the product in Europe with Bayer. Orion has recorded all milestone payments related to the contract and there are no remaining milestone payments to be recorded. Orion has an exclusive global license agreement with MSD (Merck & Co., Inc., Rahway, NJ, USA). MSD has global exclusive rights to develop and commercialise opevesostat and other candidates targeting CYP11A1 covered by the agreement. Under the terms of the agreement, Orion is eligible to receive development milestone payments up to USD 30 million, regulatory milestone payments up to USD 625 million and sales-based milestone payments up to USD 975 million as well as annually tiered royalty payments ranging from a low double-digit rate up to a rate in the low twenties on net sales for any commercialised licensed product. The development and regulatory milestones are determined by the scope of a number of treatment indications and multiple geographies. Annual sales exceeding several billion US dollars would be required to reach the total amount of the sales milestones and higher-end of the royalty rate. MSD assumes full responsibility for all development and commercialisation expenses associated with the candidates covered by the agreement. Orion has a global licensing agreement for levosimendan with Tenax Therapeutics, Inc. Tenax has exclusive right to develop and commercialise certain dosage forms of levosimendan globally for selected indications. Orion is entitled to receive annually tiered royalties from high single- digit to low-teen percentages, as well as regulatory milestone payments and sales milestone payments up to a total of USD 61 million. In addition to the above agreements, Orion has a number of other licensing agreements with various pharmaceutical companies, all of which are important but not considered key agreements for the Group. ORION GROUP INTERIM REPORT 1–9/2026 | 9/26
Page 10
Research and development The core therapy areas of Orion’s pharmaceutical research are oncology and pain. The company also develops veterinary drugs and selected generic drugs. Orion’s key clinical development projects are listed in the table on the next page. In the early research phase, Orion has several projects investigating new drug targets in cancer and pain. Additionally, Orion has projects underway to develop new veterinary drugs and selected generic drugs. In addition to the actual drug development, Orion has ongoing projects aimed at optimising treatment outcomes with existing medicines in different indications by collecting and using data on patients and medicine use. Key R&D events July–September 2026 In August, Orion's partner Tenax Therapeutics, Inc, announced that the Phase 3 LEVEL clinical trial evaluating oral levosimendan in patients with pulmonary hypertension due to heart failure with preserved ejection fraction (PH-HFpEF) did not meet its primary or secondary endpoints. However, according to Tenax, subgroup analyses showed meaningful treatment effects in higher disease-burden patients. Tenax intends to request a Type C Meeting with the U.S. Food and Drug Administration (FDA) to discuss revisions to the ongoing registrational development of levosimendan for the treatment of PH-HFpEF, and to seek parallel scientific consultation from the European Medicines Agency In September, Orion initiated BICIDES Phase 1 trial which evaluates bi-specific antibody ODM-216 in patients with advanced solid tumours. After the review period in October, interim results from the DASL-HiCaP Phase 3 trial were announced at the ESMO 2026 congress. The results show a 58% reduction in the risk of metastasis or death in the combined primary endpoint of metastasis-free survival (MFS-CI) with darolutamide versus placebo, in addition to androgen deprivation therapy (ADT) and radiation therapy. January–September 2026 In February, Orion’s partner Bayer announced that the Chinese National Medical Products Administration (NMPA) has approved darolutamide in combination with androgen deprivation therapy (ADT) for use in patients with metastatic hormone-sensitive prostate cancer (mHSPC). In April, Orion initiated TEADCO Phase 1b/2 trial which evaluates TEAD inhibitor ODM-212 in combination with standard treatments in patients with advanced malignant pleural mesothelioma, pancreatic cancer or non-small cell lung cancer (NSCLC) with KRAS G12C - mutation. Also in April, ODM-212 was granted orphan drug designation in mesothelioma by the US FDA. In May, Orion published first results from Phase 1/2 TEADES trial with ODM-212 in patients with advanced solid tumours. Data presented at 2026 ASCO® Annual Meeting showed ODM-212 was well tolerated, with proteinuria being the most common treatment related adverse event. ODM-212 also showed early efficacy in Hippo pathway dysregulated tumours, such as mesothelioma and EHE (epithelioid hemangioendothelioma). In June, ODM-212 was granted orphan designation for the treatment of malignant mesothelioma by the European Commission. ORION GROUP INTERIM REPORT 1–9/2026 | 10/26
Page 11
Key clinical development projects Invented by Developed by Therapy area Project Indication Phase I Phase II Phase III Registration Orion Bayer + Orion Oncology ARASTEP (darolutamide) Prostate cancer (BCR2) Ongoing Orion Bayer Oncology DASL-HiCaP (darolutamide) (Neo-)adjuvant prostate cancer Ongoing Orion MSD Oncology OMAHA-003 (opevesostat) Prostate cancer (later-line mCRPC3) Ongoing Orion MSD Oncology OMAHA-004 (opevesostat) Prostate cancer (front-line mCRPC3) Ongoing Orion Tenax Cardiovascular LEVEL-2 (TNX-103/levosimendan) PH-HFpEF4 Ongoing Orion MSD Oncology MK-5684-01A (opevesostat) Prostate cancer (mCRPC3) Ongoing Orion MSD Oncology OMAHA-015 (opevesostat) Breast cancer, endometrial cancer, ovarian cancer Ongoing Orion Orion1 Oncology CYPIDES (opevesostat) Prostate cancer (later-line mCRPC3) Ongoing Orion Orion Oncology TEADES (ODM-212) MPM5, EHE6 and other solid tumours Ongoing Orion Orion Oncology TEADCO (ODM-212) Mesothelioma, NSCLC7 and pancreatic cancer Phase 1b/2 Ongoing Orion Orion Oncology BICIDES (ODM-216) Advanced solid tumours Ongoing 1 Study started prior license agreement with MSD and thus Orion is conducting and will complete the trial. Changes vs. Q2 2026: • Tenax LEVEL trial removed, BICIDES trial added 2 Biochemical recurrence 3 Metastatic castration-resistant prostate cancer 4 Pulmonary hypertension in heart failure with preserved ejection fraction 5 Malignant Pleural Mesothelioma 6 Epithelioid Hemangioendothelioma 7 Non-small cell lung cancer with KRAS G12C mutation ORION GROUP INTERIM REPORT 1–9/2026 | 11/26
Page 12
Changes in Executive Management After the review period, on 26 October 2026, Orion announced changes to its Executive Team, effective 1 January 2027. A new International Commercial Operations organisation will be established, and Hao Pan is appointed Executive Vice President and Chief Commercial Officer. Currently Hao Pan is Executive Vice President, Branded Products. Henri Salokangas is appointed Executive Vice President, Branded Products, and will join the Orion Executive Team as a new member. Satu Ahomäki, Executive Vice President, Generics and Consumer Health, has decided to leave Orion to pursue opportunities outside the company. She will continue in her current role until 31 December 2026. Going forward, Juhani Kankaanpää, Executive Vice President Global Operations, will also be responsible for Generics and Consumer Health within the Orion Executive Team. Significant legal proceedings Companies belonging to the Orion Group are parties to various legal proceedings and disputes, which are not, however, considered to be significant legal proceedings for the Group. Key events after the reporting period 24 Oct 2026 Interim results from the DASL-HiCaP Phase 3 trial were announced at the ESMO 2026 congress. 26 Oct 2026 Orion announced changes in the Orion Executive Team as of 1 January 2027. Shares and shareholders On 30 September 2026 Orion had a total of 141,134,278 (141,134,278) shares, of which 31,271,179 (31,890,981) were A shares and 109,863,099 (109,243,297) B shares. The Group’s share capital is EUR 92,238,541.46 (92,238,541.46). At the end of September 2026, Orion held 768,166 (440,944) B shares as treasury shares. On 30 September 2026, the aggregate number of votes conferred by the A and B shares was 734,518,513 (746,621,973) excluding treasury shares. Voting rights conferred by shares Each A share entitles its holder to twenty (20) votes at General Meetings of Shareholders and each B share to one (1) vote. However, a shareholder cannot vote more than 1/20 of the aggregate number of votes from the different share classes represented at a General Meeting of Shareholders. The Company itself and Orion Pension Fund do not have the right to vote at an Orion Corporation General Meeting of Shareholders. Both share classes, A and B, confer equal rights to the Company’s assets and dividends. Conversion of shares The Articles of Association entitle shareholders to demand the conversion of their A shares to B shares within the limitation on the maximum number of shares of a class. A total of 499,140 A shares were converted into B shares in January–September 2026. Trading in Orion’s shares Orion’s A shares and B shares are quoted on Nasdaq Helsinki in the Large Cap group under the Healthcare sector heading under the trading codes ORNAV and ORNBV. Trading in both of the Company’s share classes commenced on 3 July 2006, and information on trading in the Company’s shares has been available since that date. On 30 September 2026, the market capitalisation of the Company’s shares, excluding treasury shares, was EUR 11,651.9 million. Orion shares are also traded on various alternative trading platforms in addition to Nasdaq Helsinki. Authorisations of the Board of Directors On 24 March 2026, the Annual General Meeting authorised the Board of Director to decide on the acquisition of the Company's own shares. On the basis of the authorisation, the Board of Directors shall be entitled to decide on the acquisition of no more than 500,000 new Class B shares. The share issue authorisation shall be valid for 18 months from the decision of the Annual General Meeting. The Board of Directors was authorised by the AGM to decide on a share issue by conveying own shares. On the basis of the authorisation, the Board of Directors shall be entitled to decide on the conveyance of no more than 1,000,000 own Class B shares held by the Company. The authorisation to convey own shares shall be valid for five years from the decision of the Annual General Meeting. The Board of Directors was authorised by the AGM to decide on a share issue by issuing new shares. On the basis of the authorisation, the Board of Directors shall be entitled to decide on the issuance of no more than 14,000,000 new Class B shares. The share issue authorisation shall be valid until the next Annual General Meeting of the Company. The terms of authorisations are reported in more detail in a stock exchange release on 24 March 2026. The Board of Directors is not authorised to increase the share capital or to issue bonds with warrants or convertible bonds or stock options. ORION GROUP INTERIM REPORT 1–9/2026 | 12/26
Page 13
On 27 August 2026, the Board of Directors decided to acquire a maximum of 500,000 Class B shares to be used in the Company's share-based incentive plans. The acquisitions were carried out between 1 September and 29 September 2026. Orion acquired a total of 500,000 Class B shares at an average price of approximately EUR 80.98 per share, for a total purchase price of approximately EUR 40.5 million. Share-based incentive plans The Group has two currently operating share-based incentive plans for key persons of the Group: Orion Group’s Long-Term Incentive Plan 2022, announced in a stock exchange release published on 10 February 2022, and Orion Group’s Long-Term Incentive Plan 2025, announced in a stock exchange release published on 25 February 2025. On 10 March 2026, Orion transferred altogether 172,778 Orion Corporation B shares held by the Company as a share reward for earning period 2023–2025 and a reward for commitment part to the persons belonging to the Share-based Incentive Plan of Orion Group. The transfer is based on the authorisation by the Annual General Meeting of 23 March 2022. Share ownership Orion’s shares are in the book-entry system maintained by Euroclear Finland, and Euroclear Finland maintains Orion’s official shareholder register. At the end of September 2026, Orion had a total of 91,232 (88,472) registered shareholders. Nominee registered shareholders held 41% (39%) of the total number of Orion shares and 10% (10%) of the votes. Retail investors held 36% (37%) of the total number of Orion shares and 60% (60%) of the votes. At the end of September 2026, Orion held 768,166 (440,944) B shares as treasury shares, which is 0.5% (0.3%) of the Company’s total share stock and 0.10% (0.06%) of the total votes. Flagging notifications In January–September 2026 Orion received total of 19 flagging notifications from BlackRock, Inc. The details of the notifications are presented in releases published by Orion at www.orionpharma.com/flaggings. Outlook for 2026 (provided on 20 October 2026) Net sales are estimated to be EUR 2,070 million to EUR 2,140 million. Operating profit is estimated to be EUR 730 million to EUR 790 million. Previous outlook for 2026 (specified on 17 July 2026) Net sales are estimated to be EUR 2,000 million to EUR 2,100 million. Operating profit is estimated to be EUR 650 million to EUR 750 million. Basis for outlook Collaboration agreements with other pharmaceutical companies are an integral part of Orion’s business model. Agreements often include payments recorded in net sales and operating profit that vary greatly from year to year. Forecasting the timing and amount of these payments is difficult. In some cases, they are conditional on terms such as R&D outcomes which are not known until studies have been completed, the progress of R&D projects or the attainment of specified sales levels. Regarding possible new contracts under negotiation, neither the outcome nor the schedule of contract negotiations is generally known before the final signing of the agreement. In 2025, Orion booked one material milestone of EUR 180 million. The outlook for 2026 does not include any material milestone payments. Milestone payments received by Orion in 2021–2025 Year 2021 2022 2023 2024 2025 EUR million 3 234 32 134 183 The outlook does not include income, expenses or other impacts related to any future material product or company acquisition or divestment. Net sales The outlook assumes that the Nubeqa® royalties and product sales booked by Orion will increase clearly in 2026. Orion’s assumption is based on forecasts received from its partner Bayer. However, it is difficult to predict the exact level of product sales and royalties of a strongly growing product for the whole year. In addition, some tariff impact in the US is included in the outlook range. The Branded Products business division is estimated to grow in 2026. Growth is anticipated to be driven by the Respiratory therapy area and the Easyhaler® product portfolio, but also other therapy areas are expected to grow. The Animal Health business division is anticipated to grow ORION GROUP INTERIM REPORT 1–9/2026 | 13/26
Page 14
slightly, with growth coming from various products. The net sales of the Generics and Consumer Health business division are estimated to be at a similar level or slightly higher than in 2025. Operating profit The underlying operating profit growth, i.e. excluding material milestones, is expected to be driven by increasing net sales and especially Nubeqa® royalties. However, it is difficult to predict the exact level of royalties of a strongly growing product for the whole year. Any variance from the predicted level can have a notable impact on Orion’s operating profit. Also, the mechanism by which each quarter’s product deliveries are always fully deducted from the next quarter’s royalty payments causes fluctuation in operating profit. Even though this impact on operating profit is only temporary, the timing of product deliveries may have notable impact on Orion’s operating profit in one calendar year. Significant part of Orion’s Nubeqa® income is coming from the United States and thus changes in the US dollar exchange rate cause fluctuations in Orion’s operating profit. Research and development costs, and in particular their timing, can also cause fluctuations in operating profit. Although the future costs of research and development projects are known quite well in advance, there are uncertainties about their timing. The start of projects may be delayed, and projects may progress faster or slower than expected. Projects may also have to be terminated, in which case the anticipated costs will not be fully realised. Orion estimates that R&D costs in 2026 will increase from 2025. Sales and marketing expenses are expected to increase in 2026. Expenses are increased by additional investments in the sale of the current product portfolio, and Nubeqa® royalty payable as per an agreement with Endo Pharmaceuticals. Capital expenditure The Group’s total capital expenditure in 2026 is not expected to have any significant changes compared to 2025. The estimate of capital expenditure does not include any investments related to any future material product or company acquisition. Near-term risks and uncertainties Orion is exposed to risks that may arise from its operations or changes in the operating environment. The most significant risk factors described below can potentially have an adverse effect on Orion’s business operations, financial position or financial results. Other risks, which are currently either unknown or considered immaterial to Orion may, however, become material in the future. Orion’s own production and other operations are exposed to risks that may materially disrupt their operations or even interrupt them at least temporarily. Such risks include, for example, accidents, damages, natural disasters, strikes, employee illness, conflicts, terrorism, cyber-attacks, hybrid influence, disruption of information or communication systems, disruption of energy supply, and disruption of supply and logistics chains. Orion’s production and business operations are dependent on global supply and logistics chains, the inaction of which may lead to low availability of finished products and raw materials, starting materials, semi-finished products, supplies, equipment and spare parts needed in production. Sales of individual products and also Orion’s sales in individual markets may vary, for example depending on the extent to which the ever-tougher price and other competition prevailing in pharmaceutical markets in recent years will specifically focus on Orion’s products. Changes in pharmaceutical or other regulation in individual markets or more broadly, for example at EU level, may affect the sales and profitability of Orion’s products. Changes in overall market demand may also have negative impact on sales. New tariffs or other possible customs duties on Orion’s products may negatively affect the sales and profitability of Orion’s products. The details of the US pharmaceutical tariffs, their implementation and their impact on Orion still remain unclear. Product deliveries to key partners are based on timetables that are jointly agreed in advance. Nevertheless, they can change, for example as a consequence of decisions concerning adjustments of stock levels. In addition, changes in market prices and exchange rates affect the value of deliveries. Key currencies that carry an exchange rate risk for Orion are the US dollar, the Swedish krona and the Polish zloty. Other significant currencies are the Danish krone and the Norwegian krone. However, the overall effect of the risk arising from currencies of European countries will be abated by the fact that Orion has organisations of its own in most European countries, which means that in addition to sales income there are also costs in these currencies. The current geopolitical conflicts and unrest, and other challenges in the global supply and logistics chains of pharmaceuticals have increased the already elevated risk of supply disruptions. The possible rise of raw material prices and other supply chain costs deteriorates the profitability of Orion’s products, since in the pharmaceutical industry it is very difficult to pass on cost increases to the prices of own products, especially prescription medicines, particularly in Europe. If high cost inflation occurs, it will pose a risk to Orion’s profitability. Authorities and key customers in different countries carry out regular and detailed inspections of drug development and manufacturing at Orion’s sites. Any remedial actions that may be required may at least temporarily have effects that decrease delivery reliability and increase costs. Orion’s product range also contains products manufactured by other pharmaceutical companies and products that Orion manufactures on its own but for which other companies supply active pharmaceutical or other ingredients and components or parts (among these the Easyhaler® products). Possible problems related to the delivery reliability or quality of the products of those ORION GROUP INTERIM REPORT 1–9/2026 | 14/26
Page 15
manufacturers may cause a risk to Orion’s delivery reliability. The single-channel system used for pharmaceuticals distribution in Finland, in which Orion’s products have been delivered to customers through only one wholesaler, may also cause risks to delivery reliability. Research projects always entail uncertainty factors that may either increase or decrease estimated costs. Although the future costs of research and development projects are known quite well in advance, there are uncertainties about their timing. The start of projects may be delayed, and projects may progress faster or slower than expected having an impact on predicted costs within an individual year. Projects may also have to be terminated, in which case the anticipated costs will not be fully realised. Collaboration arrangements are an important component of Orion’s business model. Possible collaboration and licensing agreements related to these arrangements also often include payments to be recorded in net sales that may materially affect Orion’s financial results. The payments may be subject to conditions relating to the progress of research projects or sales or to new contracts to be signed, and whether these conditions or contracts materialise and what their timing is, will always entail uncertainties. The upfront and milestone payments paid by Orion to its collaborators, which are recorded as investments in intangible assets in balance sheet, include write-down risk that may be realised if, for example, a collaborative research project fails or otherwise has to be discontinued. Upcoming events Financial Statement Release 2026 Wednesday 17 February 2027 AGM planned to be held Tuesday 23 March 2027 Interim Report January–March 2027 Thursday 22 April 2027 Half–Year Financial Report 2027 Tuesday 20 July 2027 Interim Report January–September 2027 Wednesday 27 October 2027 The Financial Statements and the Report by the Board of Directors for 2026 will be published at the latest in week 9/2027. Espoo, 28 October 2026 Board of Directors of Orion Corporation ORION GROUP INTERIM REPORT 1–9/2026 | 15/26
Page 16
Tables CONSOLIDATED INCOME STATEMENT EUR million 7–9/26 7–9/25 Change % 1–9/26 1–9/25 Change % 1–12/25 Net sales 542.2 423.2 +28.1% 1,481.5 1,194.2 +24.1% 1,889.5 Cost of goods sold -176.7 -169.0 +4.5% -522.1 -489.9 +6.6% -676.5 Gross profit 365.5 254.2 +43.8% 959.4 704.3 +36.2% 1,213.0 Other operating income and expenses 1.1 1.2 -6.1% -0.2 4.6 < -100% 5.4 Sales and marketing expenses -77.2 -66.7 +15.8% -224.7 -202.1 +11.2% -289.5 Research and development expenses -57.8 -49.8 +16.1% -168.2 -139.8 +20.3% -210.4 Administrative expenses -21.7 -17.9 +21.2% -65.0 -63.5 +2.4% -86.8 Operating profit 209.9 121.0 +73.5% 501.2 303.5 +65.2% 631.6 Finance income and expenses 0.3 -0.6 > 100% -1.8 -2.8 -34.9% -3.9 Profit before taxes 210.2 120.4 +74.5% 499.4 300.7 +66.1% 627.8 Income tax expense -42.6 -24.4 +74.6% -101.2 -60.9 +66.2% -127.5 Profit for the period 167.6 96.0 +74.5% 398.2 239.8 +66.0% 500.3 PROFIT ATTRIBUTABLE TO Owners of the parent company 167.6 96.0 +74.5% 398.2 239.8 +66.0 % 500.3 Basic earnings per share, EUR1 1.19 0.68 +74.4% 2.83 1.71 +65.9% 3.56 Diluted earnings per share, EUR1 1.19 0.68 +74.4% 2.83 1.71 +65.9% 3.56 ¹Earnings per share has been calculated from the profit attributable to the owners of the parent company. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME EUR million 7–9/26 7–9/25 Change % 1–9/26 1–9/25 Change % 1–12/25 Profit for the period 167.6 96.0 +74.5% 398.2 239.8 +66.0% 500.3 Cumulative translation adjustments -0.5 0.1 < -100% 3.3 -0.2 > 100% 0.1 Items that may be reclassified subsequently to profit and loss -0.5 0.1 < -100% 3.3 -0.2 > 100% 0.1 Remeasurement of pension plans, net of tax -0.0 0.0 > 100% -0.1 0.0 > 100% 1.7 Items that will not be reclassified to profit and loss -0.0 0.0 > 100% -0.1 0.0 > 100% 1.7 Other comprehensive income, net of tax -0.5 0.1 < -100% 3.2 -0.2 > 100% 1.8 Comprehensive income for the period 167.1 96.1 +73.8% 401.4 239.6 +67.5% 502.1 COMPREHENSIVE INCOME ATTRIBUTABLE TO Owners of the parent company 167.1 96.1 +73.8% 401.4 239.6 +67.5% 502.1 ORION GROUP INTERIM REPORT 1–9/2026 | 16/26
Page 17
CONSOLIDATED STATEMENT OF FINANCIAL POSITION ASSETS EUR million 9/26 9/25 Change % 12/25 Property, plant and equipment 478.5 445.4 +7.4 % 457.4 Goodwill 87.2 87.2 87.2 Intangible rights 87.3 75.0 +16.5 % 75.2 Other intangible assets 22.7 24.3 -6.6 % 25.1 Investment in associate 0.1 0.1 0.1 Other investments 0.2 0.2 -5.8 % 0.2 Pension assets 12.8 10.6 +20.3 % 12.8 Deferred tax assets 3.9 5.5 -28.8 % 5.1 Other non-current assets 2.3 2.6 -9.1 % 2.5 Non-current assets total 695.0 650.7 +6.8 % 665.5 Inventories 545.5 443.7 +22.9 % 456.3 Trade receivables 389.3 279.2 +39.4 % 352.3 Current tax receivables 2.0 1.9 +6.6 % 0.9 Other receivables 257.8 148.1 +74.0 % 374.0 Cash and cash equivalents 144.3 224.2 -35.7 % 160.9 Current assets total 1,338.9 1,097.2 +22.0 % 1,344.3 Assets total 2,033.9 1,747.9 +16.4 % 2,009.8 EQUITY AND LIABILITIES EUR million 9/26 9/25 Change % 12/25 Share capital 92.2 92.2 92.2 Other reserves 3.2 2.9 +10.0 % 2.9 Cumulative translation adjustments -7.2 -10.7 -33.0 % -10.5 Retained earnings 1,310.1 934.6 +40.2 % 1,199.8 Equity attributable to owners of the parent company 1,398.4 1,019.1 +37.2 % 1,284.5 Equity total 1,398.4 1,019.1 +37.2 % 1,284.5 Deferred tax liabilities 36.2 36.2 -0.1 % 37.4 Pension liabilities 2.6 2.8 -6.9 % 2.6 Non-current provisions 0.6 0.5 +2.3 % 0.6 Interest-bearing non-current liabilities 96.6 129.6 -25.5 % 115.3 Other non-current liabilities 7.7 9.2 -16.8 % 9.2 Non-current liabilities total 143.6 178.4 -19.5 % 165.0 Current provisions 3.6 2.1 +68.6 % 3.6 Interest-bearing current liabilities 28.9 181.8 -84.1 % 190.1 Trade payables 120.8 87.6 +37.9 % 123.5 Current tax liabilities 42.2 10.0 > 100% 52.0 Other current liabilities 296.3 268.9 +10.2 % 191.1 Current liabilities total 491.9 550.5 -10.6 % 560.3 Liabilities total 635.5 728.8 -12.8 % 725.3 Equity and liabilities total 2,033.9 1,747.9 +16.4 % 2,009.8 ORION GROUP INTERIM REPORT 1–9/2026 | 17/26
Page 18
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Equity attributable to owners of the parent company EUR million Share capital Other reserves Cumulative translation adjustments Remeasurement of pension plans Treasury shares Retained earnings Retained earnings total Equity total Equity at 1 January 2025 92.2 5.3 -10.6 24.6 -24.8 918.2 918.0 1,005.0 Profit for the period 239.8 239.8 239.8 Other comprehensive income Cumulative translation adjustments 0.0 -0.1 -0.1 -0.2 Remeasurement of pension plans 0.0 0.0 0.0 Transactions with owners Dividends paid -231.2 -231.2 -231.2 Share-based incentive plans 5.7 -0.2 5.4 5.4 Other adjustments -2.4 2.6 2.6 0.2 Equity at 30 September 2025 92.2 2.9 -10.7 24.6 -19.1 929.1 934.6 1,019.1 Equity at 1 January 2026 92.2 2.9 -10.5 26.3 -19.1 1,192.6 1,199.8 1,284.5 Profit for the period 398.2 398.2 398.2 Other comprehensive income Cumulative translation adjustments 3.3 3.3 Remeasurement of pension plans -0.1 -0.1 -0.1 Transactions with owners Dividends paid -254.1 -254.1 -254.1 Repurchase of treasury shares -40.5 -40.5 -40.5 Share-based incentive plans 7.6 -0.5 7.1 7.1 Other adjustments 0.3 -0.3 -0.3 0.0 Equity at 30 September 2026 92.2 3.2 -7.2 26.3 -52.0 1,335.9 1,310.1 1,398.4 ORION GROUP INTERIM REPORT 1–9/2026 | 18/26
Page 19
CONSOLIDATED STATEMENT OF CASH FLOWS EUR million 7–9/26 7–9/25 1–9/26 1–9/25 1–12/25 Profit before taxes 210.2 120.4 499.4 300.7 627.8 Adjustments 17.6 18.7 59.1 50.5 70.3 Change in working capital -113.7 -43.3 -38.7 -57.1 -297.5 Net financial items 0.9 0.6 -0.5 -1.0 -3.3 Income taxes paid -19.7 -18.8 -112.2 -58.5 -80.4 Total net cash flow from operating activities 95.3 77.6 407.1 234.5 316.8 Investments in property, plant and equipment -25.7 -27.8 -58.8 -55.8 -73.4 Investments in intangible assets -10.9 -2.2 -17.1 -19.8 -24.2 Acquired in business combination, net of cash -4.0 -4.0 Sales of property, plant and equipment and intangible assets 0.4 0.6 1.3 2.9 3.0 Total net cash flow from investing activities -36.2 -29.4 -74.5 -76.7 -98.6 Cash flow from operating and investing activities, total 59.2 48.2 332.6 157.9 218.2 Repayment of leasing liabilities -1.8 -1.8 -6.2 -5.0 -6.9 Change in current loans -0.1 -0.0 -161.1 0.0 0.0 Repayments of non-current loans -5.9 -6.4 -17.6 -19.2 -25.7 Repurchase of treasury shares -37.3 -37.3 Dividends paid and other distribution of profits -0.0 -0.0 -127.1 -115.5 -231.1 Total net cash flow from financing activities -45.1 -8.2 -349.3 -139.8 -263.6 Net change in cash and cash equivalents 14.1 40.0 -16.7 18.1 -45.4 Cash and cash equivalents at the beginning of the period 130.2 183.6 160.9 205.6 205.6 Foreign exchange differences -0.1 0.5 0.1 0.5 0.7 Cash and cash equivalents at the end of the period 144.3 224.2 144.3 224.2 160.9 Reconciliation of cash and cash equivalents in statement of financial position EUR million 7–9/26 7–9/25 1–9/26 1–9/25 1–12/25 Cash and cash equivalents in statement of financial position at the end of the period 144.3 224.2 144.3 224.2 160.9 Money market investments at the end of the period Cash and cash equivalents in the statement of cash flows 144.3 224.2 144.3 224.2 160.9 ORION GROUP INTERIM REPORT 1–9/2026 | 19/26
Page 20
Appendices NET SALES BY REVENUE FLOWS EUR million 7–9/26 7–9/25 Change % 1–9/26 1–9/25 Change % 1–12/25 Sale of goods 318.7 303.4 +5.0% 988.0 921.2 +7.3% 1,269.5 Royalty income 223.1 119.3 +87.0 % 492.1 270.9 +81.6% 436.6 Total sale of goods 541.7 422.7 +28.2% 1,480.1 1,192.2 +24.2% 1,706.1 Milestone payments 0.5 0.5 -9.9% 1.4 2.1 -34.4% 183.4 Total 542.2 423.2 +28.1% 1,481.5 1,194.2 +24.1% 1,889.5 In January–September 2026, EUR 1.4 (1.4) million has been entered as income from performance obligations transferred to customers over time and they are included in the Milestone payments. QUARTERLY NET SALES BY REGION 2026 2025 2024 EUR million 7–9 4–6 1–3 10–12 7–9 4–6 1–3 10–12 Finland 90.4 87.1 85.4 99.2 90.6 90.2 85.6 95.6 Scandinavia 46.7 52.3 50.7 50.7 46.6 46.0 46.2 41.7 Other Europe 154.2 152.5 121.8 185.5 123.2 113.6 107.9 119.0 North America 166.1 143.9 96.5 241.1 93.5 91.8 54.7 101.9 Other markets 84.9 85.9 63.3 118.8 69.2 74.8 60.2 76.2 Total 542.2 521.6 417.7 695.3 423.2 416.5 354.6 434.4 OPERATING PROFIT BY QUARTER 2026 2025 2024 EUR million 7–9 4–6 1–3 10–12 7–9 4–6 1–3 10–12 Operating profit 209.9 176.6 114.8 328.1 121.0 104.6 77.9 92.7 CHANGES IN PROPERTY, PLANT AND EQUIPMENT EUR million 9/26 9/25 12/25 Carrying amount at the beginning of the period 457.4 417.6 417.6 Additions 61.9 65.7 91.0 Depreciation and impairment for the period -40.1 -35.7 -48.6 Disposals and other changes -0.7 -2.2 -2.6 Carrying amount at the end of the period 478.5 445.4 457.4 CHANGES IN INTANGIBLE ASSETS (EXCLUDING GOODWILL) EUR million 9/26 9/25 12/25 Carrying amount at the beginning of the period 100.3 88.0 88.0 Additions 16.2 18.9 21.9 Amortisation and impairment for the period -6.5 -6.1 -8.1 Disposals and other changes 0.0 -1.5 -1.5 Carrying amount at the end of the period 110.0 99.3 100.3 ORION GROUP INTERIM REPORT 1–9/2026 | 20/26
Page 21
CHANGES IN FINANCIAL LIABILITIES Orion Group has loan agreements that include financial covenants. If the financial covenants in the terms of the loan agreements are breached, the lenders optionally have the right to demand early repayment of the loan. As at 30 September 2026 Orion met these financial covenants. DERIVATIVES Nominal values of currency derivatives EUR million 9/26 9/25 12/25 Currency forward contracts and currency swaps 39.9 64.6 56.2 Currency options 34.2 31.3 32.8 Fair values of currency derivatives EUR million 9/26 9/25 12/25 Currency forward contracts and currency swaps -0.2 0.0 0.5 Currency options 0.0 0.0 -0.0 FAIR VALUE MEASUREMENT AND HIERARCHY OF FINANCIAL INSTRUMENTS, 30 September 2026 EUR million Level 1 Level 2 Level 3 Total Currency derivatives 0.3 0.3 Shares and investments 0.2 0.2 Assets total 0.3 0.2 0.4 Deferred purchase price and earn-out -6.5 -6.5 Currency derivatives -0.5 -0.5 Liabilities total -0.5 -6.5 -6.9 The fair value of level 1 financial instrument is based on quotations available in active markets. The fair value of level 2 derivatives is based on prices available in the markets. The fair value of level 3 financial instruments cannot be estimated on the basis of data available in the markets. In the Group the principle is applied that transfers between levels of fair value hierarchy are recognised on the date on which the event triggering the transfer occurred. No transfers between levels occurred during the reporting period. COMMITMENTS AND CONTINGENCIES Contingencies for own liabilities EUR million 9/26 9/25 12/25 Guarantees 2.7 2.5 2.4 Commitments Orion has commitments for the acquisition of property, plant and equipment, which mainly concern existing factories and premises in Finland. BASIC SHARE INFORMATION, 30 September 2026 A share B share Total Trading code on Nasdaq Helsinki ORNAV ORNBV Listing day 1 Jul 2006 1 Jul 2006 ISIN code FI0009014369 FI0009014377 ICB code 4500 4500 Reuters code ORNAV.HE ORNBV.HE Bloomberg code ORNAV.FH ORNBV.FH Share capital, EUR million 20.4 71.8 92.2 Counter book value per share, EUR 0.65 0.65 Minimum number of shares 1 Maximum number of A and B shares, and maximum number of all shares 500,000,000 1,000,000,000 1,000,000,000 Votes per share 20 1 Both share classes, A and B, confer equal rights to the Company’s assets and dividends. ORION GROUP INTERIM REPORT 1–9/2026 | 21/26
Page 22
KEY FINANCIAL FIGURES 7–9/26 7–9/25 Change % 1–9/26 1–9/25 Change % 1–12/25 Net sales, EUR million 542.2 423.2 +28.1 % 1,481.5 1,194.2 +24.1 % 1,889.5 EBITDA, EUR million 225.5 135.1 +66.8 % 547.8 345.3 +58.6 % 688.3 % of net sales 41.6 % 31.9% 37.0 % 28.9% 36.4 % Operating profit, EUR million 209.9 121.0 +73.5 % 501.2 303.5 +65.2 % 631.6 % of net sales 38.7 % 28.6% 33.8 % 25.4% 33.4 % Profit for the period, EUR million 167.6 96.0 +74.5 % 398.2 239.8 +66.0 % 500.3 % of net sales 30.9 % 22.7% 26.9% 20.1% 26.5% Research and development expenses, EUR million 57.8 49.8 +16.1 % 168.2 139.8 +20.3 % 210.4 % of net sales 10.7 % 11.8% 11.4% 11.7% 11.1% Capital expenditure excluding acquired in business combination, EUR million 37.6 30.1 +24.9 % 78.1 84.6 -7.7 % 112.9 % of net sales 6.9 % 7.1% 5.3% 7.1% 6.0% Acquired in business combination, net of cash, EUR million 4.0 4.0 Depreciation, amortisation and impairment, EUR million 15.6 14.1 +10.1 % 46.5 41.8 +11.3 % 56.7 Personnel expenses, EUR million 78.0 73.1 +6.7 % 251.8 244.4 +3.0 % 331.9 Equity total, EUR million 1,398.4 1,019.1 +37.2 % 1,284.5 Interest-bearing net liabilities, EUR million -18.8 87.1 < -100% 144.4 Assets total, EUR million 2,033.9 1,747.9 +16.4 % 2,009.8 Cash flow from operating activities, EUR 95.3 77.6 +22.9 % 407.1 234.5 +73.6 % 316.8 Equity ratio, % 68.9% 58.5% 64.1% Gearing, % -1.3% 8.5% 11.2% Return on capital employed (before taxes), % 43.3% 31.0% 43.8% Return on equity (after taxes), % 39.6% 31.6% 43.7% Personnel at the end of the period 4,215 4,030 +4.6 % 4,029 Average number of personnel during the period 4,174 3,989 +4.6 % 4,003 ORION GROUP INTERIM REPORT 1–9/2026 | 22/26
Page 23
PERFORMANCE PER SHARE 7–9/26 7–9/25 Change % 1–9/26 1–9/25 Change % 1–12/25 Basic earnings per share, EUR 1.19 0.68 +74.4% 2.83 1.71 +65.9% 3.56 Diluted earnings per share, EUR 1.19 0.68 +74.4% 2.83 1.71 +65.9% 3.56 Cash flow from operating activities per share, EUR 0.68 0.55 +22.7% 2.89 1.67 +73.4% 2.25 Equity per share, EUR 9.96 7.24 +37.5% 9.13 A share Number of shares at the end of the period 31,271,179 31,890,981 -1.9% 31,770,319 % of total share stock 22.2% 22.6% 22.5% Number of votes 625,423,580 637,819,620 -1.9% 635,406,380 % of total votes 85.1% 85.4% 85.4% Total number of shareholders 25,488 24,975 +2.1% 25,471 Lowest quotation of review period, EUR 62.30 42.60 +46.2% 42.60 Average quotation of review period, EUR 71.83 57.78 +24.3% 58.79 Highest quotation of review period, EUR 84.40 71.70 +17.7% 71.70 Closing quotation at the end of review period, EUR 82.70 64.80 +27.6% 63.30 Trading volume, EUR million 86.7 108.5 -20.0% 140.4 Shares traded 1,208,220 1,873,525 -35.5% 2,384,902 % of the total number of shares 3.9% 5.9% 7.5% ORION GROUP INTERIM REPORT 1–9/2026 | 23/26
Page 24
1–9/26 1–9/25 Change % 1–12/25 B share Number of shares at the end of the period 109,863,099 109,243,297 +0.6% 109,363,959 % of total share stock 77.8% 77.4% 77.5% Treasury shares 768,166 440,944 +74.2% 440,944 Number of shares at the end of the period, excluding treasury shares 109,094,933 108,802,353 +0.3% 108,923,015 Number of votes excluding treasury shares 109,094,933 108,802,353 +0.3% 108,923,015 % of total votes 14.9% 14.6% 14.6% Diluted number of shares, average, excluding treasury shares 109,345,467 108,165,812 +1.1% 108,340,390 % of total share stock 77.5% 76.6% 76.8% Total number of shareholders 73,068 70,677 +3.4% 73,214 Lowest quotation of review period, EUR 62.70 42.80 +46.5% 42.80 Average quotation of review period, EUR 72.05 58.21 +23.8% 59.21 Highest quotation of review period, EUR 84.60 72.05 +17.4% 72.05 Closing quotation at the end of review period, EUR 83.10 65.15 +27.6% 63.65 Trading volume, EUR million 2,534.4 2,455.3 +3.2% 3,310.6 Shares traded 35,188,421 42,163,336 -16.5% 55,897,882 % of the total number of shares 32.0% 38.6% 51.1% A and B share total Number of shares at the end of the period 141,134,278 141,134,278 141,134,278 Average number of shares during the period excluding treasury shares 140,792,780 140,644,829 +0.1% 140,657,055 Number of votes excluding treasury shares 734,518,513 746,621,973 -1.6% 744,329,395 Diluted number of shares, average, excluding treasury shares 140,812,601 140,654,962 +0.1% 140,662,950 Total number of shareholders 91,232 88,472 +3.1% 91,391 Trading volume, EUR million 2,621.1 2,563.7 +2.2% 3,451.0 Shares traded 36,396,641 44,036,861 -17.3% 58,282,784 Total shares traded, % of total shares 25.8% 31.2% 41.3% Market capitalisation at the end of the period excluding treasury shares, EUR million 11,651.9 9,155.0 +27.3% 8,944.0 ORION GROUP INTERIM REPORT 1–9/2026 | 24/26
Page 25
CALCULATION OF THE KEY FIGURES EBITDA = Operating profit + Depreciation + Amortisation + Impairment losses Interest-bearing net liabilities = Interest-bearing liabilities - Cash and cash equivalents - Money market investments Return on capital employed (ROCE), % = Profit before taxes + Interest and other finance expenses (annualised) x 100 Total assets - Non-interest-bearing liabilities (average during the period) Return on equity (ROE), % = Profit for the period (annualised) x 100 Total equity (average during the period) Equity ratio, % = Equity x 100 Total assets - Advances received Gearing, % = Interest-bearing liabilities - Cash and cash equivalents - Money market investments x 100 Equity Earnings per share, EUR (basic and diluted) = Profit attributable to the owners of the parent company Average number of shares during the period, excluding treasury shares Cash flow from operating activities per share, EUR = Cash flow from operating activities Average number of shares during the period, excluding treasury shares Equity per share, EUR = Equity attributable to owners of the parent company Number of shares at the end of the period, excluding treasury shares Average share price, EUR = Total EUR value of shares traded Average number of traded shares during the period Market capitalisation, EUR million = Number of shares at the end of the period excluding treasury shares x Closing quotation of the period ACCOUNTING POLICIES Orion has a single business area or operating segment that forms the basis of reporting. Orion’s net sales are itemised as follows: • Innovative Medicines • Branded Products • Generics and Consumer Health • Animal Health • Fermion. In addition to these, net sales reporting contains one further item, “Translation differences and Other operations”, which mostly comprises the impact of translation differences on Orion’s net sales. This report has been prepared in accordance with the accounting policies set out in IAS 34 Interim Financial Reporting. The same accounting principles have been applied as in the 2025 financial statements. New amendments to existing IFRS and IAS standards adopted from 1 January 2026 have not affected the interim review. The policies and calculation methods applied during the period can be found on the Orion website at http://www.orionpharma.com/investors. The figures in this report have not been audited. The figures in parentheses are for the comparative period, i.e. the corresponding period of the previous year. All the figures in this report have been rounded, which is why the total sums of individual figures may differ from the total sums shown. New IFRS standards amendments to be applied in future financial periods Orion will apply IFRS 18 Presentation and Disclosure in Financial Statements when the standard becomes effective on 1 January 2027. IFRS 18 replaces IAS 1 Presentation of Financial Statements, and the new financial reporting standard will be applied to financial periods beginning on or after 1 January 2027. The standard classifies all income and expenses into five categories in the statement of profit or loss: operating, investing, financing, discontinued operations, and income taxes. The Group’s net profit for the period will not change. For the Orion Group, impacts of the standard on the statement of profit or loss arise from • the reclassification of financial income and expenses into three categories (operating, investing, and financing), • p r e s e n t i n g f o r e i g n ‑ e x c h a n g e d i f f e r e n c e s a r i s i n g f r o m i n t r a ‑ g r o u p t r a n s a c t i o n s w i t h i n t h e operating category, ORION GROUP INTERIM REPORT 1–9/2026 | 25/26
Page 26
• presenting the net financial cost related to defined benefit pension obligation, previously recognised as part of administrative expenses in operating profit, to financing category and • transferring certain rent income to investing category. Based on management’s current assessment, the impact on implementation of IFRS 18 standard is not expected to be material in operating expenses or in operating profit in Orion's financial reporting. Orion Group continues to present its statement of income by function. Going forward, Orion will follow the guidance in disclosing of management defined performance measures (MPMs) in accordance with the standard. IFRS 18 also amends IAS 7 Statement of Cash Flows, which will affect the presentation of the Group’s cash flow statement, through the reclassification of cash flows related to interest and dividends. Operating profit will become the starting point for the calculation of cash flows from operating activities. Publisher: Orion Corporation http://www.orionpharma.com/ Orion is a globally operating Nordic pharmaceutical company – a builder of well-being for over a hundred years. We develop, manufacture and market human and veterinary pharmaceuticals and active pharmaceutical ingredients. Orion has an extensive portfolio of proprietary and generic medicines and consumer health products. The core therapy areas of our pharmaceutical R&D are oncology and pain. Proprietary products developed by Orion are used to treat cancer, neurological diseases and respiratory diseases, among others. In 2025 Orion’s net sales amounted to EUR 1,890 million and the company employs about 4,000 professionals worldwide, dedicated to building well-being. ORION GROUP INTERIM REPORT 1–9/2026 | 26/26